No bank transfer fee for MobiKwik customers

In the wake of challenges being faced by people in India due to demonetization, MobiKwik, Indias independent digital wallet has waived off bank transfer fee for its customers.

The move is expected to encourage more and more retailers, shopkeepers and users to use mobile wallet and overcome the challenges that they are facing in procuring and using cash.

Speaking on the announcement, Bipin Preet Singh, Co-founder of MobiKwik said, "We support Indian governments bold currency reform, that is a long term move to eliminate black money and corruption in India. However, masses are facing issues in procuring and transacting with cash. To help them overcome this challenge, we have announced 0% fee on bank transfers."

Earlier, to transfer money from a mobile wallet to the bank, a non KYC user was charged 4 per cent fee and the fee for a KYC user was 1 per cent.

The company has registered 18x growth in transactions since the announcement of demonetisation. MobiKwik payments are even easier than cash payments and users can register instantaneously using Truecaller. They can also find nearby merchants using the nearby feature on the app, that was launched earlier this year.

Users can load money using their credit/debit cards or netbanking. They can also convert their payback points, earned from ICICI bank debit/credit cards, Big Bazaar, Central, HP Petrol Pumps, MakeMyTrip, eBay, BookMyShow and American Express; and reward points earned from SBI, Bank of India, Punjab National Bank, Central Bank, Canara Bank, Union Bank and Bank of Baroda to MobiKwik cash.